HARRISBURG, Pa., May 10, 2011 (GLOBE NEWSWIRE) -- Worldwide industrial services and engineered products company Harsco Corporation (NYSE:HSC) announced today a new order from Saudi Arabia for railway track maintenance and related equipment valued at close to $15 million.
The order, one of Harsco's first and by far its largest from Saudi Arabia for railway track maintenance equipment, will support the Kingdom's new North-South Railway system project, a major $2 billion initiative to construct a 2,300 kilometer (1,400 mile) rail line that has been described as the most important land transportation project ever built in Saudi Arabia. The railway will link Saudi Arabia's rich phosphate and bauxite reserves in the north with its processing facilities in Jubail on the Persian Gulf, while also providing a new rail route for freight and passenger traffic. The North-South line is also expected to spur additional infrastructure development of adjacent cities and towns along the route. This potential could lead to future bidding opportunities for the Harsco Infrastructure group, which operates in Saudi Arabia through its strong joint venture partnership with the Jeddah-based Al-Baroom Group, one of the largest and best-established construction sector companies in Saudi Arabia. The Company also serves the Kingdom's steel industry through its Harsco Metals business group.
The latest order adds to Harsco Rail's continuing global expansion as it continues to solidify important new customer relationships and market opportunities, with a particular focus on major emerging markets including China, Brazil, India and the Gulf Region of the Middle East. Harsco Rail is one of the world's foremost developers and producers of equipment for the maintenance and construction of railway track. Deliveries under the order are scheduled to be completed by the end of this year.
Harsco Corporation is a diversified, global industrial services and engineered products company serving major industries that are fundamental to worldwide infrastructure development and economic growth. Harsco's common stock is a component of the S&P MidCap 400 Index and the Russell 1000 Index. Additional information can be found at www.harsco.com.
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CONTACT: Investor Contact Eugene M. Truett 717.975.5677 etruett@harsco.com Media Contact Kenneth D. Julian 717.730.3683 kjulian@harsco.com
